Owner Financing is Available!
Business Overview:
On March 30, 2011, earnest money was returned to a buyer, because these two Homes "fell out" of escrow. The Transaction was in escrow for over three months and the Buyers received "final /conditional" approval on March 9, 2011. These two “Adult Assisted Living Homes” are licensed for 10 residents each. One home is 2,956 sq. ft., built in 2000 and is currently operating with eight residents. The second home is 4,400 sq. ft. and is currently operating with seven residents.
The above revenue and cash-flow amounts were taken from the Seller’s 2009 Federal Income Tax Return. The 2010 tax returns show slightly less profit due to the owner not operating the Homes at capacity. However, the first Quarter of 2011 revenue approximates those of the 2009 level. The Owner, wife (65 years old), and her husband who is 87 years old, wish to retire.
She has chosen not to be a Pima County (Tucson Area) Provider, which reduces the "easy" acquisition of residents. The Owner’s lack of marketing and choosing not to participate in the Pima County Referral Program is attributed to the shortfall in occupancy from the Licensed Capacity. Revenues will increase based upon the inclusion of being a Pima County Provider and by joining the additional referral service networks. Revenues per resident are low based on fees charged by other similar Homes. The Owner (wife) is truly behind the times in its fee structure to its residents, because she a big heart.
This business is well established in the community and provides a phenomenal service to its residents. The Real Estate and the two homes are included in the Purchase Price. In the early part on March 2011 the SBA had ordered and received an appraisal for Real Property from an MAI Licensed Appraiser with a value of $800,000.
For more information regarding this listing please contact us by completing the "Contact the Seller" form to the left. We look forward to hearing from you.
Property Features and Assets:
Centrally located, the two homes are located on adjoining lots in a very nice residential area with nearby newer constructed homes populating a majority of the landscape. Ample parking (6 to 7 spaces) is available on a concrete paved lot in front of the two homes. Securely walled and gated. There is a separate living/work quarters for the Owner and a Pool House, which can serve as additional living quarters for employees, a manager or visiting family members of a resident.
Market Competition and Expansion:
Revenues can be increased due to the Actual Resident Occupancy in 2008, 2009 and 2010 in the two Homes were 75% of Licensed Capacity. A purchaser can also become a Pima County Provider and join the additional referral service networks to reach Licensed Capacity. Revenues per resident are low based on what is being charged by other Homes. The Owner is truly behind the times in its fee structure to its residents.
Reason for Selling:
Owner's husband is 87 years old.
Additional Details:
- The property is owned.
- The owner is willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.